A couple bought one of the most exclusive streets in San Francisco for $90,000 — now the rich homeowners are fighting back

Melia Robinson, provided by

Published
10:23 am PDT, Monday, September 11, 2017

Melia Robinson/Business Insider

Earlier this year, a Bay Area couple shook up a private cul-de-sac when it was revealed that the immigrant real-estate speculators bought the street for $90,000 without the knowledge of its wealthy residents.

Presidio Terrace is a block-long street and private development that has been run by the homeowners who live there since at least 1905, according to the Chronicle. It has attracted some of the wealthiest and most powerful politicians in California over the years, including Sen. Diane Feinstein and House Minority Leader Nancy Pelosi.

It's located in a less-trafficked area at the top of the San Francisco Peninsula and has around-the-clock private security at the entrance. There are 35 mega-mansions on Presidio Terrace.

In 2015, an unpaid tax bill caused the City of San Francisco to put Presidio Terrace up for sale in a private auction. Tina Lam, an engineer in Silicon Valley, and Michael Cheng, a realtor, scooped up the street, its sidewalks, and other "common ground" for $90,000. They told the Chronicle they want to charge residents rent for parking on the street.

Residents are up in arms. The homeowners association has sued the couple and the city. It wants the San Francisco Board of Supervisors to rescind the sale — an unprecedented move.